Billionaire David Geffen Buys a Modest Neighboring Home for More than The Asking Price

Billionaire David Geffen Buys a Modest Neighboring Home for More than The Asking Price

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Billionaire David Geffen who’s made his wealth in the entertainment industry has bought his neighbor’s home for $4.65 million. Geffen is quite popular in the real estate industry and has made some major moves in the industry. At the end of March, he snapped up a Beverly Hills home just next door to his. It is a mid-century home sitting on a quarter acre of land.
Geffen, 76, is a Hollywood producer and also the co-founder of DreamWorks.

He bought the house on the hilltop for $4.652 million at the end of March, which was 3% more than the asking price. The property records show a lesser listing price that what Geffen paid for the home.
The house is located up the hillside close to the swanky Coldwater Canyon of Beverly Hills, along one of those narrow roads snaking up the hill. The house was completed in 1974 but had undergone many renovations since then. It is currently a four-bedroomed house. The house was designed by renowned interior Paul Laszio. He was one of the big shots at the time. It has also seen some works done on it by Thornton M. Abell a renowned architect. Abell was among the architects commissioned to build the study houses for the city’s experimental project.

Barton Phelps was the last architect to put some changes into the house. He expanded the house in the bottom by digging into the solid bedroom. His efforts resulted in a new bedroom wing. All these efforts are clearly outlined in Phelps’ website. The interior depicts Hollywood modernism with an impressively long and open great that reveals jetliner views into downtown Los Angeles. The kitchen has recently been renovated, and the house also features a pool and a spa. All these aspects were clearly outlined on the listing. David Mossler from Douglas Elliman real estate agents was the man in charge.

Forbes puts the net worth of Mr. Geffen at $8.3 billion. This latest purchase is a very modest one. No wonder he even added thousands of dollars on the asking price. He had also earlier bought a three-bedroomed vernacular house in the same neighborhood. He probably wants to consolidate some land in the area.

Geffen has sold some prime properties in the near recent. He sold a Manhattan apartment in 2018 for $24.5 million. He had earlier, in 2017, sold a beach compound in Malibu for a staggering $85 million. Seems like he wants to merge the properties in Beverly Hills into one magnificent estate.

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